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Tuesday, July 31, 2012

Florida Home Buyer Tips - Too Many Contingencies and Your Offer May Get Rejected!

Most real estate contracts in Florida have some sort of contingency clause(s).

The more common contingencies include things like contingent on property inspection, loan approval or, in the case of a short sale, lender approval.

As most Florida real estate agents and brokers (myself included) are not attorneys these common contingencies are already written on the approved Florida Realtors® contract or can be found on an approved addendum or rider.

I have also seen offers presented with non-standard contingencies like viewing the property in person (some do offer to purchase unseen) or having a spouse view the property although I have rarely seen a couple not house shop together.  

Although the sky is the limit when it comes to contingencies as buyers can include whatever my opinion is contingencies outside of the usual can work to a buyer's disadvantage.  

The big question is will the contingency create doubt in the seller's mind as to the prospective buyer's real motivation or ability to purchase?

Or does the contingency make the offer less desirable than the others on the table?

As the inventory of move in ready and more desirable properties shrink we are beginning to see multiple offer situations.  Too many contingencies may mean another "cleaner" offer gets the final seller approval.

Depending on the circumstances of the sale a contingency can be a potential deal killer although the common ones like inspection and loan approval are usually expected.

[I am not an attorney and this is not intended to offer legal advice. Please consult the appropriate professional.]

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